Leased automobileAssessing your needs

You should assess your needs before leasing a vehicle.

If you want to lease a car, you should first:

• determine your budget. Even if it is a lease, you must set aside a budget for maintenance, the purchase of winter tires, and repairs due to normal wear and tear. Also account for the cost of insurance and the vehicle’s fuel consumption;
• decide which type of vehicle suits your needs;
• find out which makes of vehicles are considered good choices. You can do this by consulting magazines, guides, or specialized organizations. For example, you can obtain information from Éditions Protégez-Vous (in French only) or from the Automobile Protection Association.

The Office de la protection du consommateur does not test products. We cannot make recommendations on makes or models of vehicles to purchase.

Leasing a new vehicle

The long-term leasing of a vehicle often allows for a lower monthly payment than would purchasing a car with a credit contract. Leasing therefore makes for lower payments in the short run, but the entire cost ends up being greater than would purchasing the vehicle initially.

Determine whether you are getting a good deal if, for example, you pay $16,000 over 4 years and then pay an additional $11,500 at the end of the lease to purchase a car valued at $25,000.

Leasing a used vehicle

Thinking about leasing a used car? You should carefully consider whether it is indeed a good choice. Purchasing a car of lesser value could make more financial sense. Carefully calculate the total amount you will need to pay to use the car for the duration of the contract.